COMMISSION 
AGENDA MEMORANDUM                        Item No.          11a 
BRIEFING ITEM                            Date of Meeting    October 26, 2021 
DATE:     October 9, 2021 
TO:        Stephen Metruck, Executive Director 
FROM:    Elizabeth Morrison, Director Corporate Finance 
Scott Bertram, Manager, Corporate Financial Analysis 
SUBJECT:  Briefing on the Tax Levy and Draft Plan of Finance for 2022-2026 
EXECUTIVE SUMMARY 
This briefing is intended to inform the Commission's decision on the amount of the tax levy for
the 2022 budget year and to inform the Commission on the Port's funding of its 2022-2026 
Capital Investment Plan (CIP) - the Draft Plan of Finance. 
BACKGROUND 
Ports in Washington State have authority to levy taxes on property within the port district, within
certain statutory limits; the Port may use this strategic resource for any allowable port purpose
other than the payment of revenue bond debt service. As part of the Port's budget process, the
Commission establishes the amount of taxes to be levied within the Port district for the budget
year. Staff will provide information on the uses of the tax levy and will seek Commission guidance
on the establishment of the 2022 tax levy amount and uses.  For the 2021 budget, the
Commission authorized a levy of $78.7 million as part of a five-year funding plan that included an
inflationary increase of the tax levy of three percent each year from 2019-2023. The Draft Plan
of Finance incorporates the continued three percent annual increase in the tax levy, bringing the
2022 tax levy to $81.0 million and the forecast assumption of an inflationary increases of two
percent in future years.
As part of the annual budget process, staff provides a Draft Plan of Finance that is updated each
year for the subsequent five-year CIP and provides information on the funding sources available
to fund the CIP. The Draft Plan of Finance is intended to illustrate the Port's capacity to fund
investments based on projected available resources.  These available resources have been
adversely affected by the pandemic, with continuing uncertainty in several Port businesses. Staff
has developed a Draft Plan of Finance for the Airport as a self-funding enterprise. The Port's non-
Airport operations  Maritime, Economic Development, and the Port's participation in the
Northwest Seaport Alliance (NWSA) - share funding resources and the Draft Plan of Finance
incorporates funding for both Port and NWSA CIPs. 


Template revised September 22, 2016.

COMMISSION AGENDA  Briefing Item No. 11a                                 Page 2 of 2 
Meeting Date: October 26, 2020 

ATTACHMENTS TO THIS BRIEFING 
(1)   Presentation slides Tax Levy and Draft Plan of Finance 2022-2026 
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS 
October 12, 2021  The Commission was briefed on the Operating Divisions' 2022 Operating 
Budgets and 2022-2026 CIPs. 
September 28, 2021  The Commission was briefed on the 2022 Central Services Preliminary
Budget. 
July 29, 2021  The Commission held a Budget Planning Retreat. 
July 13, 2021  The Commission was briefed on 2022 Budget Development. 
June 3, 2021  The Commission held a Budget Retreat to discuss the 2022 Budget. 













Template revised September 22, 2016.